Washington Prime Group

WPG-N

NYSE:WPG

3.76
0.17 (4.74%)
Washington Prime Group Inc. is a real estate investment trust that invests in shopping centers.
More at Wikipedia

Analysis and Opinions about WPG-N

Signal
Opinion
Expert
COMMENT
COMMENT
April 18, 2017

Is the yield sustainable? Its properties are not prime, but they are renovating them. The stock is trading at less than 5X earnings, ridiculously cheap. Over this last quarter, it has shown some sharp declines. The current yield is over 11%. The yield is safe, because they have the money to pay it out, but they could cut it. He is holding this as a long-term hold. Over time, this property could be liquidated and value will matter at some point.

Is the yield sustainable? Its properties are not prime, but they are renovating them. The stock is trading at less than 5X earnings, ridiculously cheap. Over this last quarter, it has shown some sharp declines. The current yield is over 11%. The yield is safe, because they have the money to pay it out, but they could cut it. He is holding this as a long-term hold. Over time, this property could be liquidated and value will matter at some point.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$9.340
Owned
Yes
DON'T BUY
DON'T BUY
March 31, 2017

This is retail in secondary markets in the US. This is ‘B’ and ‘C’ quality properties. The challenges around the retail industry apply to these properties more so than the ‘A’ type properties. He prefers Simon Properties (SPG-N).

This is retail in secondary markets in the US. This is ‘B’ and ‘C’ quality properties. The challenges around the retail industry apply to these properties more so than the ‘A’ type properties. He prefers Simon Properties (SPG-N).

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$8.690
Owned
No
COMMENT
COMMENT
February 3, 2017

Secondary malls in the US, as well as some good grocery anchored strips. It hasn’t done great, but thinks it will get taken out at some point. The whole question is, is retail dead and are malls dead? Being in suburban locations, is mid-American going to pick up? If you think Trump is going to increase employment in Mid-America, and people will be shopping again, this is a good way to participate. The stock is exceedingly cheap, but with not a lot of growth going forward. The dividend of around 10% is fully covered.

Secondary malls in the US, as well as some good grocery anchored strips. It hasn’t done great, but thinks it will get taken out at some point. The whole question is, is retail dead and are malls dead? Being in suburban locations, is mid-American going to pick up? If you think Trump is going to increase employment in Mid-America, and people will be shopping again, this is a good way to participate. The stock is exceedingly cheap, but with not a lot of growth going forward. The dividend of around 10% is fully covered.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$10.070
Owned
Yes
PAST TOP PICK
PAST TOP PICK
July 8, 2016

(A Top Pick June 23/15. Down 5.43%.) As a value investor, he buys discounted names. Bought this at a 30% discount to the value of the properties, and it then went to a 50% discount, so he added more. Comparing it to Simon Properties (SPG-N), the finest mall REIT in the US, which trades at 22X earnings, this one is trading at 8X. Cheap by every single metric. There have been some recent changes in the executive suite with the CEO leaving in a huff, along with rumours that the company is for sale, and it is 30%-40% below analysts’ NAV, so he thinks there is a really good chance here.

(A Top Pick June 23/15. Down 5.43%.) As a value investor, he buys discounted names. Bought this at a 30% discount to the value of the properties, and it then went to a 50% discount, so he added more. Comparing it to Simon Properties (SPG-N), the finest mall REIT in the US, which trades at 22X earnings, this one is trading at 8X. Cheap by every single metric. There have been some recent changes in the executive suite with the CEO leaving in a huff, along with rumours that the company is for sale, and it is 30%-40% below analysts’ NAV, so he thinks there is a really good chance here.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$12.110
Owned
Yes
BUY
BUY
September 11, 2015

Chart shows a long downward slope, and he is not bothered in the least. The entire US REIT market has been declining. There is a lot of irrationality. This is now trading at values that are so excessively cheap, that he finds it very compelling. He is looking at adding to his holdings, and will eventually be doubling his position. They buy secondary malls, but US unemployment is going to be 4% and wage growth is coming up. Very good yield of nearly 8%.

Chart shows a long downward slope, and he is not bothered in the least. The entire US REIT market has been declining. There is a lot of irrationality. This is now trading at values that are so excessively cheap, that he finds it very compelling. He is looking at adding to his holdings, and will eventually be doubling his position. They buy secondary malls, but US unemployment is going to be 4% and wage growth is coming up. Very good yield of nearly 8%.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$11.570
Owned
Yes
TOP PICK
TOP PICK
June 23, 2015

A US REIT that owns malls with grocery anchors, spun out from Simon properties. They are a misunderstood company because they are so new. They were beat up too much and have a 7% yield.

A US REIT that owns malls with grocery anchors, spun out from Simon properties. They are a misunderstood company because they are so new. They were beat up too much and have a 7% yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$13.810
Owned
Yes
SELL
SELL
June 9, 2014

A spin off from Simon Property Group (SPG-N) which he owns by default, and is currently selling. These assets represent the lower quality assets. Can’t see any reason to own it.

A spin off from Simon Property Group (SPG-N) which he owns by default, and is currently selling. These assets represent the lower quality assets. Can’t see any reason to own it.

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$19.210
Owned
Yes
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